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New plans by Trademark Co. and Estein & Associates show a cinema, more retail and residential units for the vacant block at Victory Avenue and Museum Way.

More news will be breaking soon about Victory Park.

Just last week developers announced plans for a 23-story office tower that will be constructed on the west side of the 75-acre project.

Now, Victory Park investor Estein & Associates and Fort Worth-based builder Trademark Property Co. are working on plans for a large residential and retail building that will sit at the heart of the project.

A joint venture group led by Fort Worth-based Trademark Property Co. has acquired the debt of Watters Creek at Montgomery Farm in Allen.

The mixed used development that includes office, residential lofts and 356,000 square feet of retail is being recapitalized by the group that includes Trademark, Coventry Real Estate Advisors, Southern Land Co. and PCCP.

The joint venture acquired the debt from a group of banks led by PNC Bank. Los Angeles-based real estate, finance and investment management firm PCCP provided the capital for the transaction. PCCP targets high quality real estate with distressed capital structures that need the workout expertise combined with fresh equity capital.

“The recapitalization allowed ownership to take advantage of the opportunity to purchase the existing loan at a discount and to provide additional capital for future improvements,” said Coventry principal Brian Moss.

Watters Creek is located on the southwest corner of Bethany Dr. and North Central Expressway. The restructuring provides ownership the time and flexibility to allow for “Watters Creek to reach its full potential over the next few years,” the owners said in a statement.

“The project has stable ownership that will enable us to complete the original vision by adding additional density at the southern end of the project, an LED billboard sign on U.S. 75 and other new amenities,” said Trademark CEO Terry Montesi.

New leases have been signed with Z Gallerie for an 8,500 square foot store. Texas Health Resources has leased 6,000 square feet. Another 10,000 square feet of additional tenants will be announced soon, Montesi said.

The center has a two-level Borders store that’s been vacant for a year. It’s not clear if any of the new tenants are filling that space.

Additional improvements under consideration include “build to suit” office space, a children’s play area, new shade structures and other property enhancements. Management is also discussing possibilities with a hotel group, townhouse developers and additional retail anchors. The group said it may build additional multi-family units on the southern end of the property.